TL;DR

The L2 blockchain solution has seen a resurgence in activity, with the number of total blocks surpassing the psychological 10 million mark.

The Shiba Inu ecosystem continues to expand, reaching a new milestone in holder count, signaling increased confidence, adoption, and potential future price momentum.

Another Achievement for Shibarium

Over the past few years, Shiba Inu has evolved from a meme coin to a complex ecosystem. One of its main features is the layer-2 blockchain solution Shibarium which officially saw the light of day in August 2023.

The protocol has recently recorded increased activity, with daily transactions jumping back to multi-million figures. Additionally, the number of total blocks in Shibarium has surged past the psychological level of 10 million.

The L2 scaling solution is specifically designed to foster the development of the Shiba Inu ecosystem by lowering transaction costs, improving speed, and enhancing scalability. As such, many industry participants have argued that its further advancement could positively impact the SHIB price.

The popular analyst Davinci Jeremie, for instance, recently claimed that the meme coin could go to the moon, but this would depend on Shibariums progress.

I like Shiba Inu, as you know, and I think it will do relatively well in this cycle, but it may not go as high as you expect. I think Shiba Inu has a lot of utility now that they have Shibarium, and basically, its a chain that you can actually run all kinds of applications.

However, nobody is using it, and there are no applications for using your tokens on Shibarium yet. If they get that solved, Shiba Inu will go to the moon, he stated.

In fact, SHIB has shown some resurgence, with its valuation pumping by 5% in the past week. Currently, it trades at roughly $0.0000128, while its market capitalization has risen back above $7.5 billion.

SHIB Price, Source: CoinGecko

The Other Milestone

Besides Shibariums achievement, Shiba Inu made the headlines thanks to another major development. According to LUCIE (the pseudonymous marketing strategist behind the L2 scaling solution), the number of meme coins on-chain holders has jumped to 1.5 million.

This generally signals a growing adoption, rising confidence in the project, and increased network activity. These factors could indicate a higher demand for SHIB and might be interpreted as a precursor for a future price rally.